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H&R Block Upgrades Kronos to 'Buy'

H&R Block upgraded Kronos (KRON) to buy from accumulate.

Analyst Steve Shepich says he was looking for $0.15 EPS. The company is begining to see stabilization in the products side of its business, with the services side still growing nicely. He notes gross margins hit a record this quarter, and says Kronos is using "industry-downtime" to strengthen itself by making acquistions. He specifically notes Tuesday's news that Kronos plans to acquire Gerber Systems, a Kronos distributor

operating in Arizona, Colorado, New Mexico and Oklahoma. Shepich says this acquisition will improve margins even further.

He raised his $0.80 fiscal 2001 (Sept.) EPS estimate to $1.24, and raised his $1.25 fiscal 2002 EPS estimate to $1.56.

Shepich has a $56 target.

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